Bowen Coking Coal appears to be struggling to raise the $70m it was searching for at the start of this month, as its shares continue to be suspended from trading.
The company told the market on Wednesday that the indicative timetable for its shortfall offer had once again been revised, with settlement extended to November 4.
Company sources said it was confident of securing $60m.
Shaw and Partners and Morgans have been working on the deal for the loss-making company, and it said on October 25 it had secured $6.15m from shareholders for its entitlement offer, and the underwriters had offered $41.5m.
Company sources said it was confident of securing $60m.
Regal Funds owns half of secured creditor Taurus, which is owed $60m worth of loans by Bowen Coking Coal.
Also lending money to Bowen Coking Coal is New Hope Corporation.
Both lenders have agreed to extend the duration of the loans and for a material reduction in interest and royalty costs in return of equity and on the condition of a $25m equity raise and no insolvency event.
For the year to June 30, Bowen Coking coal lost $68.8m due largely to its underperforming Bluff Mine in Queensland, with $54.6m of the loss incurred by the half year.
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